Forex Daily Forecast, Analysis and Prediction

A strong setback for the US dollar against most other major currencies during last week's trading, influenced by the recent weak economic data and the massive financial stimulus of the US government worth 2 trillion dollars.

Despite the sharp decline in the US dollar with the formal signature and approval of the massive US stimulus plan.

The GBP/USD pair took advantage of the USD drop and moved towards the 1.2485 resistance.

Amid increasing volatility in the global financial markets and with the return of pressure on the US dollar after the approval of the huge and long-awaited US stimulus plan.

US Dollar weakness is anticipated to accelerate due to the massive oversupply of the currency by the Federal Reserve.

A global recession is now near-certain, but the UK economy is well-positioned to bridge the period to recovery with a limited increase in debt.

Economists fear a deep recession in New Zealand due to the nationwide lockdown in an attempt to prevent the Covid-19 pandemic from spreading.

Australia is rumored to announce the third stimulus as soon as this week.

AUD/USD: Pivotal point at 0.6123

The Australian dollar rallied a bit during the trading session on Friday to reach out towards the 0.62 handle, the scene of a gap that had obviously been filled previously,

The NASDAQ 100 basically just fell immediately during the trading session on Friday, reaching down towards the 7500 level.

S&P 500 traders initially tried to push the market higher on Friday, but then turned around to reach towards the 2500 level.

USD/JPY: Yen stronger

BTC/USD: Direction flattening out

GBP/USD: Significant recovery by Pound